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DAILY AGRI COMMODITY REPORT
22 Apr 2015
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Market Views
2
MONTH OPEN HIGH LOW CLOSE % CHG VOL MONTH OPEN HIGH LOW CLOSE % CHG VOL
CORIANDER
MAY 9999 10135 9711 9874 -2.18 29700
INTRADAY
LEVELS
SUPPORT SUPP.1
9983
SUPP. 2
9737
PIVOT
10107
Coriander short term
trend is up, further
more upside is expected
in coming days.RESISTAN
CE
RES. 1
10353
RES. 2
10477
CASTORSEED
MAY 3652 3664 3622 3650 -0.30 17540
INTRADAY
LEVELS
SUPPORT SUPP. 1
3628
SUPP. 2
3600
PIVOT
3672
Castorseed short term
trend is down, Prices
expected to go down
in coming days.RESISTAN
CE
RES. 1
3700
RES. 2
3744
TURMERIC
MAY 8350 8350 8110 8240 -1.10 14225
INTRADAY
LEVELS
SUPPORT SUPP. 1
8242
SUPP. 2
8094
PIVOT
8392
Turmeric short term
trend is up and may
continue in coming
days.RESISTAN
CE
RES. 1
8540
RES. 2
8690
GUARGUM
MAY 10650 10980 10140 10980 +3.98 18913
INTRADAY
LEVELS
SUPPORT SUPP. 1
10757
SUPP. 2
10473
PIVOT
11083
Guargum Short term
trend is up, Expecting
price may go up in
coming days.RESISTAN
CE
RES. 1
11367
RES. 2
11693
Most Active Contract
3
TOP GAINERS
SYMBOL EXPIRY DATE
CURRENT
PRICE
CHANGE
CHANGE
%
CORIANDER 20-05-2015 10230.00 356.00 3.61%
JEERA 20-05-2015 18470.00 520.00 2.90%
TURMERIC 20-05-2015 8434.00 194.00 2.35%
SOYABEAN 19-06-2015 3776.00 61.00 1.64%
BARLEY 20-05-2015 1177.00 12.00 1.03%
CASTOR SEED NEW 20-05-2015 3663.00 13.00 0.36%
REFINED SOY OIL 19-06-2015 585.40 1.65 0.28%
V 797 KAPAS 30-04-2015 795.50 2.00 0.25%
NCDEX INDICES
Index Value
Pre.
Close
%
Change
CASTORSEED 3656 3653 +0.08
CHANA 3873 3932 -1.5
CORIANDER 10230 9837 +4.00
GUARGUM 11040 10980 +0.55
JEERA 18290 17890 +2.24
MUSTARD SEED 3663 3671 -0.22
SOYABEAN 3786 3710 +2.05
TURMERIC 8390 8214 +2.14
TOP LOSERS
SYMBOL EXPIRY DATE
CURRENT
PRICE
CHANGE
CHANGE
%
COTTON SEED OIL CAKE
AKOLA
20-05-2015 1727.00 -25.00 -1.43%
CHANA 20-05-2015 3875.00 -40.00 -1.02%
Commodities In News
4
ECONOMIC NEWS
 At a time when Cotton farmers are committing suicides in India
over the depressive price regime, reports suggest that outlook is
likely to remain bleak in CY 2015/16. Prices, both international and
domestic, are unlikely to see triggers for any upside.China's new
cotton policy has triggered the declining trend for international
cotton prices and prices has been traversing the downward trajectory
since April 2014. Cotton prices has been range-bound since
November 2014 at $1.5/Kg.The prices remain significantly lower
over the previous corresponding period and were lower by 26% in
February 2015 on YoY basis. India-based rating firm ICRA in its
latest report has predicted that the cotton prices are expected to
remain at similar levels in CY 2015/16 with downside bias.This is
due to the high global cotton stock levels which is also evident in
cotton future prices for October 2015 which are currently at a
discount of 9% to the prices in February 2015, “Though the global
cotton stock levels are expected to decline in CY 2015/16, they will
remain at elevated levels which will limit any upside in the cotton
prices,” Crude Oil prices also play a role in influencing the man-
made fibre prices and hence cotton prices. Cotton prices may suffer
downward pressure if the current price regime of crude oil is
sustained.Domestic cotton prices under pressureComing to the
domestic scenario, prices are likely to trend in line with the
international markets as domestic prices have plunged below the
international levels offering no triggers for upside movement.The
main reason for this downward movement is the glut situation
persisting in both international and domestic markets.The domestic
cotton prices have remained below the minimum support price
during most of the current cotton season and as a result, CCI has
undertaken significant support operations in CY 2014/15.It is
estimated that CCI has procured 20-25% of the domestic cotton
production and may surpass the record volume of 8.9 million bales
which were procured in CY 2008/09.
 Demand for coriander was strong from north India and exporters. Demand
from south Indian buyers is also expected to increase. The trend is bullish for
short term and sideways for intra day.Coriander was seen stretching gains in the
physical as well as futures market. Coriander May contract was trading up by
4.00% per cent to 10230 levels on Tuesday at NCDEX.Untimely rains in the
key growing areas have impacted on the quality of the spice. According to the
Agriculture ministry, around 71,000 ha affected which is about 20-25% of the
crop areas.Also, there were reports of crop failure in Bulgaria and Romania.
However, profit booking may not be ruled out owing to high carryover
stocks.Meanwhile, coriander export remain unchanged and stood at 34,00
tonnes during Apr- Dec 2014-15.Coriander May futures may trade bullish for
short term with support at 9500 and resistance – 10400.
 Jeera futures are likely to trade bullish for short term and sideways for intra
day. Lower production reports are likely to keep medium term sentiments firm
and a pick up in price is expected very soon.Markets found strong
psychological resistance near the 18000 levels. Rising export demand amidst
falling arrivals in the mandis and lower production reports kept supporting
prices.Firmness in Dollar vs Re further aided the export front. An expected 25-
30% lower sowing area is already keeping prices firm. Exports are rising and
expected to rise further in coming weeks.India's cumin seed production is likely
to decline sharply this year due to lower acreage and adverse weather
conditions. The country has produced around 75-78 lakh bags a year ago. Jeera
prices were trading up by 2.24% to 18290 levels on Tuesday at the National
Commodity & Derivatives Exchange Limited (NCDEX).Spot cumin seed
prices traded up Rs.25-50/20kg at Unjha and Rajkot market. Gujarat, the largest
cumin seed producer in the country has reduced production for 2014-15.The
crop is likely to shrink to more than half to 1.58 lakh tonnes compared to 3.46
lakh tonnes in 2013-14, according to third advance estimates released by
agriculture department.This season there is production cut and reports of crop
damage due to unfavourable weather in producing belts of Gujarat and
Rajasthan.
5
Fundamental Watch : Cotton
COTTON ARRIVALS AT KEY SPOT
MARKET
National Market Update
 Cotton exports from India is expected to stand around 7 million bales around 29.2%
lower when compared to 9.9 million bales last year, said Cotton Corporation of India
(CCI). India has exported around 4.5 million bales so far during the season current
season (Oct-14 to Sept-15). The cotton exports have tumbled down because of higher
stocks on global front and lower demand from China. Cotton Corporation of India
(CCI) has suspended the cotton procurement for a while as cotton prices have moved
up in the recent days in domestic market due to the strong demand arriving from the
mills. As cotton prices are ruling higher, there is no need to Intervene, said CCI.
Besides the huge demand from textile bodies, CCI is not willing to offload the stock in
the domestic market as could worsen the glut like situation and also CCI is expected to
take a decision regarding the sale of cotton by floating global tender. cotton
production in India during the season 2015/16 would be around 6.45 million tons (379
lakh bales approx.) around 4.44% lower when compared to the production of the
current year which would stand around 6.75 million tones (397 lakh bales approx.)
Around 310 lakh bales of cotton have been pressed so far in the current season,
according to Indian Cotton Federation (ICF). CCI has procured around 8.6 million
bales of cotton in the ongoing season and off take of cotton from CCI warehouses is
noticing a good trend in last few days as mills have actively started buying cotton
from CCI. current season production at 38.9 million bales and CAB estimates the
same at 39 million bales.
 Cotton imports to China have declined by around 40% in the month of March
compared to the same month during the previous year. The reason for the same stood
strikes at U.S. west coast ports lower limit imposed on imports by Beijing. According
to the China Cotton Association (CCA), china imported around 127,900 tones of
cotton last month.Around 8% of cotton planting has been completed in USA as on
April 12 this year, which was 2% last week and 4% last year on same date, according
to USDA. The five year average sowing progress is 8% as on date, same as the current
sowing pace. World cotton production is estimated slightly lower this month by
USDA at 25.95 million tonnes for season 2014-15 which was estimated 25.95 million
tones a month ago. Cotton production on global front was 26.221 million tones during
season 2013-14, slightly higher than current season.
CENTER 21-Apr-15 20-Apr-15 Change
AMRAVATI 450 600 -150
MAHESANA NA NA -
RAJKOT NA 1450 -
PATAN CLOSED 2180 -
DEESA NA NA -
BHIWANI 200 500 -300
GONDAL 631 504 +127
Technical Outlook
6
SELL CORIANDER MAY BELOW 10130 TARGET 10105 10065 SL
ABOVE 10155
SELL GUARGUM MAY BELOW 10880 TARGET 10830 10770 SL
ABOVE 10940
SELL TURMERIC MAY BELOW 8340 TARGET 8300 8240 SL
ABOVE 8400
SELL CASTORSEED MAY BELOW 3640 TARGET 3615 3585 SL
ABOVE 3665
Disclaimer
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 Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and
up on sources that we consider reliable. This material is for personal information and based upon it & takes no responsibility.
 The information given herein should be treated as only factor, while making investment decision. The report does not provide
individually tailor-made investment advice. Epic research recommends that investors independently evaluate particular investments
and strategies, and encourages investors to seek the advice of a financial adviser. Epic research shall not be responsible for any
transaction conducted based on the information given in this report, which is in violation of rules and regulations of NSE and BSE.
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Epic research daily agri report 22 april 2015

  • 1. DAILY AGRI COMMODITY REPORT 22 Apr 2015 HNI & NRI Sales Contact Australia Mintara Road, Tarneit, Victoria. Post Code 3029 Phone.: +61 422 063855 HNI & NRI Sales Contact USA 2117 Arbor Vista Dr. Charlotte (NC) Cell: +1 704 249 2315 Toll Free Number 1-800-200-9454 All queries should be directed to Info@epicresearch.co 1 Epic Research India 411 Milinda Manor (Suites 409- 417) 2 RNT Marg. Opp Central Mall Indore (M.P.) Hotline: +91 731 664 2300 Alternate: +91 731 664 2320 Or give us a missed call at 026 5309 0639 Our Presence YOURMINTVISORY Call us at +91-731-6642300
  • 2. Market Views 2 MONTH OPEN HIGH LOW CLOSE % CHG VOL MONTH OPEN HIGH LOW CLOSE % CHG VOL CORIANDER MAY 9999 10135 9711 9874 -2.18 29700 INTRADAY LEVELS SUPPORT SUPP.1 9983 SUPP. 2 9737 PIVOT 10107 Coriander short term trend is up, further more upside is expected in coming days.RESISTAN CE RES. 1 10353 RES. 2 10477 CASTORSEED MAY 3652 3664 3622 3650 -0.30 17540 INTRADAY LEVELS SUPPORT SUPP. 1 3628 SUPP. 2 3600 PIVOT 3672 Castorseed short term trend is down, Prices expected to go down in coming days.RESISTAN CE RES. 1 3700 RES. 2 3744 TURMERIC MAY 8350 8350 8110 8240 -1.10 14225 INTRADAY LEVELS SUPPORT SUPP. 1 8242 SUPP. 2 8094 PIVOT 8392 Turmeric short term trend is up and may continue in coming days.RESISTAN CE RES. 1 8540 RES. 2 8690 GUARGUM MAY 10650 10980 10140 10980 +3.98 18913 INTRADAY LEVELS SUPPORT SUPP. 1 10757 SUPP. 2 10473 PIVOT 11083 Guargum Short term trend is up, Expecting price may go up in coming days.RESISTAN CE RES. 1 11367 RES. 2 11693
  • 3. Most Active Contract 3 TOP GAINERS SYMBOL EXPIRY DATE CURRENT PRICE CHANGE CHANGE % CORIANDER 20-05-2015 10230.00 356.00 3.61% JEERA 20-05-2015 18470.00 520.00 2.90% TURMERIC 20-05-2015 8434.00 194.00 2.35% SOYABEAN 19-06-2015 3776.00 61.00 1.64% BARLEY 20-05-2015 1177.00 12.00 1.03% CASTOR SEED NEW 20-05-2015 3663.00 13.00 0.36% REFINED SOY OIL 19-06-2015 585.40 1.65 0.28% V 797 KAPAS 30-04-2015 795.50 2.00 0.25% NCDEX INDICES Index Value Pre. Close % Change CASTORSEED 3656 3653 +0.08 CHANA 3873 3932 -1.5 CORIANDER 10230 9837 +4.00 GUARGUM 11040 10980 +0.55 JEERA 18290 17890 +2.24 MUSTARD SEED 3663 3671 -0.22 SOYABEAN 3786 3710 +2.05 TURMERIC 8390 8214 +2.14 TOP LOSERS SYMBOL EXPIRY DATE CURRENT PRICE CHANGE CHANGE % COTTON SEED OIL CAKE AKOLA 20-05-2015 1727.00 -25.00 -1.43% CHANA 20-05-2015 3875.00 -40.00 -1.02%
  • 4. Commodities In News 4 ECONOMIC NEWS  At a time when Cotton farmers are committing suicides in India over the depressive price regime, reports suggest that outlook is likely to remain bleak in CY 2015/16. Prices, both international and domestic, are unlikely to see triggers for any upside.China's new cotton policy has triggered the declining trend for international cotton prices and prices has been traversing the downward trajectory since April 2014. Cotton prices has been range-bound since November 2014 at $1.5/Kg.The prices remain significantly lower over the previous corresponding period and were lower by 26% in February 2015 on YoY basis. India-based rating firm ICRA in its latest report has predicted that the cotton prices are expected to remain at similar levels in CY 2015/16 with downside bias.This is due to the high global cotton stock levels which is also evident in cotton future prices for October 2015 which are currently at a discount of 9% to the prices in February 2015, “Though the global cotton stock levels are expected to decline in CY 2015/16, they will remain at elevated levels which will limit any upside in the cotton prices,” Crude Oil prices also play a role in influencing the man- made fibre prices and hence cotton prices. Cotton prices may suffer downward pressure if the current price regime of crude oil is sustained.Domestic cotton prices under pressureComing to the domestic scenario, prices are likely to trend in line with the international markets as domestic prices have plunged below the international levels offering no triggers for upside movement.The main reason for this downward movement is the glut situation persisting in both international and domestic markets.The domestic cotton prices have remained below the minimum support price during most of the current cotton season and as a result, CCI has undertaken significant support operations in CY 2014/15.It is estimated that CCI has procured 20-25% of the domestic cotton production and may surpass the record volume of 8.9 million bales which were procured in CY 2008/09.  Demand for coriander was strong from north India and exporters. Demand from south Indian buyers is also expected to increase. The trend is bullish for short term and sideways for intra day.Coriander was seen stretching gains in the physical as well as futures market. Coriander May contract was trading up by 4.00% per cent to 10230 levels on Tuesday at NCDEX.Untimely rains in the key growing areas have impacted on the quality of the spice. According to the Agriculture ministry, around 71,000 ha affected which is about 20-25% of the crop areas.Also, there were reports of crop failure in Bulgaria and Romania. However, profit booking may not be ruled out owing to high carryover stocks.Meanwhile, coriander export remain unchanged and stood at 34,00 tonnes during Apr- Dec 2014-15.Coriander May futures may trade bullish for short term with support at 9500 and resistance – 10400.  Jeera futures are likely to trade bullish for short term and sideways for intra day. Lower production reports are likely to keep medium term sentiments firm and a pick up in price is expected very soon.Markets found strong psychological resistance near the 18000 levels. Rising export demand amidst falling arrivals in the mandis and lower production reports kept supporting prices.Firmness in Dollar vs Re further aided the export front. An expected 25- 30% lower sowing area is already keeping prices firm. Exports are rising and expected to rise further in coming weeks.India's cumin seed production is likely to decline sharply this year due to lower acreage and adverse weather conditions. The country has produced around 75-78 lakh bags a year ago. Jeera prices were trading up by 2.24% to 18290 levels on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX).Spot cumin seed prices traded up Rs.25-50/20kg at Unjha and Rajkot market. Gujarat, the largest cumin seed producer in the country has reduced production for 2014-15.The crop is likely to shrink to more than half to 1.58 lakh tonnes compared to 3.46 lakh tonnes in 2013-14, according to third advance estimates released by agriculture department.This season there is production cut and reports of crop damage due to unfavourable weather in producing belts of Gujarat and Rajasthan.
  • 5. 5 Fundamental Watch : Cotton COTTON ARRIVALS AT KEY SPOT MARKET National Market Update  Cotton exports from India is expected to stand around 7 million bales around 29.2% lower when compared to 9.9 million bales last year, said Cotton Corporation of India (CCI). India has exported around 4.5 million bales so far during the season current season (Oct-14 to Sept-15). The cotton exports have tumbled down because of higher stocks on global front and lower demand from China. Cotton Corporation of India (CCI) has suspended the cotton procurement for a while as cotton prices have moved up in the recent days in domestic market due to the strong demand arriving from the mills. As cotton prices are ruling higher, there is no need to Intervene, said CCI. Besides the huge demand from textile bodies, CCI is not willing to offload the stock in the domestic market as could worsen the glut like situation and also CCI is expected to take a decision regarding the sale of cotton by floating global tender. cotton production in India during the season 2015/16 would be around 6.45 million tons (379 lakh bales approx.) around 4.44% lower when compared to the production of the current year which would stand around 6.75 million tones (397 lakh bales approx.) Around 310 lakh bales of cotton have been pressed so far in the current season, according to Indian Cotton Federation (ICF). CCI has procured around 8.6 million bales of cotton in the ongoing season and off take of cotton from CCI warehouses is noticing a good trend in last few days as mills have actively started buying cotton from CCI. current season production at 38.9 million bales and CAB estimates the same at 39 million bales.  Cotton imports to China have declined by around 40% in the month of March compared to the same month during the previous year. The reason for the same stood strikes at U.S. west coast ports lower limit imposed on imports by Beijing. According to the China Cotton Association (CCA), china imported around 127,900 tones of cotton last month.Around 8% of cotton planting has been completed in USA as on April 12 this year, which was 2% last week and 4% last year on same date, according to USDA. The five year average sowing progress is 8% as on date, same as the current sowing pace. World cotton production is estimated slightly lower this month by USDA at 25.95 million tonnes for season 2014-15 which was estimated 25.95 million tones a month ago. Cotton production on global front was 26.221 million tones during season 2013-14, slightly higher than current season. CENTER 21-Apr-15 20-Apr-15 Change AMRAVATI 450 600 -150 MAHESANA NA NA - RAJKOT NA 1450 - PATAN CLOSED 2180 - DEESA NA NA - BHIWANI 200 500 -300 GONDAL 631 504 +127
  • 6. Technical Outlook 6 SELL CORIANDER MAY BELOW 10130 TARGET 10105 10065 SL ABOVE 10155 SELL GUARGUM MAY BELOW 10880 TARGET 10830 10770 SL ABOVE 10940 SELL TURMERIC MAY BELOW 8340 TARGET 8300 8240 SL ABOVE 8400 SELL CASTORSEED MAY BELOW 3640 TARGET 3615 3585 SL ABOVE 3665
  • 7. Disclaimer  The information and views in this report, our website & all the service we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits them the most.  Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. This material is for personal information and based upon it & takes no responsibility.  The information given herein should be treated as only factor, while making investment decision. The report does not provide individually tailor-made investment advice. Epic research recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. Epic research shall not be responsible for any transaction conducted based on the information given in this report, which is in violation of rules and regulations of NSE and BSE.  The share price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change without notice. Analyst or any person related to epic research might be holding positions in the stocks recommended. It is understood that anyone who is browsing through the site has done so at his free will and does not read any views expressed as a recommendation for which either the site or its owners or anyone can be held responsible for. Any surfing and reading of the information is the acceptance of this disclaimer. All Rights Reserved.  Investment in equity & bullion market has its own risks.  We, however, do not vouch for the accuracy or the completeness thereof. we are not responsible for any loss incurred whatsoever for any financial profits or loss which may arise from the recommendations above epic research does not purport to be an invitation or an offer to buy or sell any financial instrument. Our Clients (Paid Or Unpaid), Any third party or anyone else have no rights to forward or share our calls or SMS or Report or Any Information Provided by us to/with anyone which is received directly or indirectly by them. If found so then Serious Legal Actions can be taken.